Startup India

Respite for Startups from Angel Tax | Forget Taxman & amp; Focus on Business !!

Income Tax - Respite for Startups from Angel Tax. CBDT says -Focus on innovation and improvement of existing products, services and processes and generate employment.   Forget the Taxman !! Further through the promise made by our Hon’ble Finance Minister Nirmala Sitharaman’s on July 5th, 2019 to resolve the issues hovering around startups, C...

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Form 80IAC Startup India

Income Tax - STARTUP RECOGNITION: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program. The Startups have to provide support documents, at the time of application. Eligibility Criteria for Startup Recognition: The Startup should be...

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Exposing Indian business Ecosystem

Income Tax - STARTUPS, CEO’S, DIRECTOR’S, INVESTOR’S will have become part of your daily life whether you are a salaried guy or a businessperson. But In today’s business ecosystem, there is some sort of fakism which is related to these words. This fakism is created by us to give ourselves a shelter of convenience and a fake pride. […]...

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Incentives for start-ups under section 54GB & Section 79: Budget 2019

Income Tax - (1) Section 79 of the Income Tax Act provides conditions for carry forward and set off of losses in case of a company not being a company in which the public are substantially interested. Clause (a) of this section applies to all such companies, except an eligible start-up as referred to in section 80-IAC, while […]...

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Impact of Budget 2019 on Start Ups

Income Tax - The Start-ups were having high expectations from the first budget of Modi Govt. 2.0 and the Finance Minister, Smt. Nirmala Sitharaman hasn’t let down their expectations. She proposed to start a television programme within the DD bouquet of channels exclusively for start-ups. Further, tax proposals made by Finance Minister were aimed...

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Tax proposals to promote investments in start-ups / sunrise industries

Income Tax - Several tax proposals aim to promote investments in start-ups and sunrise industries in the country​​​​​​​ Lower 25% corporate tax rate is to be applicable to those with annual turnover upto Rs.400 crore  instead of the current limit of Rs.250 crore  Increase in surcharge by 3% for those with taxable income between 2-5 cro...

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No scrutiny of Start-ups related to valuations of share premiums 

Income Tax - Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding valuations of share premiums  E-verification mechanism proposed for establishing identity of the investor and source of his funds TV programme proposed exclusively for Start-ups within the DD bouquet of channels Government to launch ...

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DD channel for start-ups 

Income Tax - The Union Minster of Finance and Corporate Affairs, Nirmala Sitharaman said that the Government proposes to start a channel within the DD bouquet of channels exclusively for start-ups....

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CBDT allows Angel Tax Exemption to 702 startups

Income Tax - DPIIT accepts applications and declarations from Startups applying for Angel Tax Exemption and on the receipt of the same DPIIT forwards these applications to CBDT. As on 21st June, 2019 a total of 944 applications for Angel Tax Exemption have been received. Thirty-nine applications have been found to be incomplete, and 203 applications ...

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CBDT enables Facility to view Form 2 Declaration filed with DPIIT

Income Tax - Facility to view Form 2 Declaration filed with DPIIT by startup available in Income tax e-Filing portal CBDT has enabled Facility to view Form 2 Declaration filed with DPIIT (Department for Promotion of Industry and Internal Trade) by a startup on its e-filing portal. Form 2 (Section 56 Exemption declaration) is a Declaration by a [&helli...

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TP- operating cost should be calculated by adjusting abnormal cost incurred on account of Start-up Company

HCL Technologies BPO Services Ltd Vs ACIT (ITAT Delhi) - In the case of HCL Technologies BPO Services Ltd vs. ACIT, ITAT has held that for transfer pricing only amount retained by associates from end user is to be taken into account for transfer pricing adjustment, and to adjust operating cost by excluding abnormal cost incurred on a/c of Startup Company ...

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CBDT simplifies process of assessment in respect of Startups

NA - (10/08/2019) - In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib),the contention of the assessee will be summarily accepted....

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Angel Tax relaxation to Startups even if addition was made before 19.02.2019

F.No.173/354/2019-ITA-1 - (09/08/2019) - Notification no. G.S.R. 127 (E) dated 19.02.2019 will be applicable to those Startup Companies also where addition u/s 56(2)(viib) has been made in an assessment order under the IT Act before 19thFebruary, 2019 provided the assessee has subsequently submitted the declaration in Form-2 that it fulfil...

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Angel Taxation | Assessment Procedure of startup Companies | Section 56

Circular No 16/2019 - (07/08/2019) - Following procedure is laid down with regard to the assessment of such startup entities involving the issue of section 56(2)(viib). (i) Where the Startup Company has been recognised by the DPIIT but the case is selected under "limited scrutiny" on the single issue of applicability of section 56 (2)(...

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Exemption to startup companies from angel tax w.e.f. 19.02.2019

Notification No. 13/2019 - (05/03/2019) - CBDt has vide Notification No. 13/2019 granted exemption to startup companies from angel tax w.e.f. 19.02.2019 if such companies fulfill the conditions specified in para 4 of the notification number G.S.R. 127(E), dated the 19th February, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BO...

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No Angel tax on issuance of shares up to Rs. 25 crore

Notification No. G.S.R. 127(E) - (19/02/2019) - A Start-ups will be eligible for exemption under Section 56 (2) (viib) of Income Tax Act, if it is a private limited company recognized by DPIIT and is not investing in any of the following assets: i. building or land appurtenant thereto, being a residential house, other than that used by the Start-...

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Recent Posts in "Startup India"

Respite for Startups from Angel Tax | Forget Taxman & amp; Focus on Business !!

Respite for Startups from Angel Tax. CBDT says -Focus on innovation and improvement of existing products, services and processes and generate employment.   Forget the Taxman !! Further through the promise made by our Hon’ble Finance Minister Nirmala Sitharaman’s on July 5th, 2019 to resolve the issues hovering around startups, C...

Read More
Posted Under: Corporate Law |

CBDT simplifies process of assessment in respect of Startups

NA (10/08/2019)

In case of Startup Companies recognized by DPIIT which have filed Form No. 2 and whose cases are under limited scrutiny on the single issue of applicability of section 56(2)(viib),the contention of the assessee will be summarily accepted....

Read More

Angel Tax relaxation to Startups even if addition was made before 19.02.2019

F.No.173/354/2019-ITA-1 (09/08/2019)

Notification no. G.S.R. 127 (E) dated 19.02.2019 will be applicable to those Startup Companies also where addition u/s 56(2)(viib) has been made in an assessment order under the IT Act before 19thFebruary, 2019 provided the assessee has subsequently submitted the declaration in Form-2 that it fulfils the conditions mentioned in Para-4 of ...

Read More

Angel Taxation | Assessment Procedure of startup Companies | Section 56

Circular No 16/2019 (07/08/2019)

Following procedure is laid down with regard to the assessment of such startup entities involving the issue of section 56(2)(viib). (i) Where the Startup Company has been recognised by the DPIIT but the case is selected under "limited scrutiny" on the single issue of applicability of section 56 (2)(viib), no verification on such issues wi...

Read More

Form 80IAC Startup India

STARTUP RECOGNITION: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program. The Startups have to provide support documents, at the time of application. Eligibility Criteria for Startup Recognition: The Startup should be...

Read More
Posted Under: Corporate Law |

Exposing Indian business Ecosystem

STARTUPS, CEO’S, DIRECTOR’S, INVESTOR’S will have become part of your daily life whether you are a salaried guy or a businessperson. But In today’s business ecosystem, there is some sort of fakism which is related to these words. This fakism is created by us to give ourselves a shelter of convenience and a fake pride. […]...

Read More
Posted Under: Corporate Law |

Incentives for start-ups under section 54GB & Section 79: Budget 2019

(1) Section 79 of the Income Tax Act provides conditions for carry forward and set off of losses in case of a company not being a company in which the public are substantially interested. Clause (a) of this section applies to all such companies, except an eligible start-up as referred to in section 80-IAC, while […]...

Read More
Posted Under: Corporate Law |

Impact of Budget 2019 on Start Ups

The Start-ups were having high expectations from the first budget of Modi Govt. 2.0 and the Finance Minister, Smt. Nirmala Sitharaman hasn’t let down their expectations. She proposed to start a television programme within the DD bouquet of channels exclusively for start-ups. Further, tax proposals made by Finance Minister were aimed...

Read More
Posted Under: Corporate Law |

Tax proposals to promote investments in start-ups / sunrise industries

Several tax proposals aim to promote investments in start-ups and sunrise industries in the country​​​​​​​ Lower 25% corporate tax rate is to be applicable to those with annual turnover upto Rs.400 crore  instead of the current limit of Rs.250 crore  Increase in surcharge by 3% for those with taxable income between 2-5 cro...

Read More
Posted Under: Corporate Law |

No scrutiny of Start-ups related to valuations of share premiums 

Start-ups and their investors filing requisite declarations not to be subjected to any scrutiny regarding valuations of share premiums  E-verification mechanism proposed for establishing identity of the investor and source of his funds TV programme proposed exclusively for Start-ups within the DD bouquet of channels Government to launch ...

Read More
Posted Under: Corporate Law |

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